The Aurora Labs Ltd (ASX: A3D) share price stormed higher on Wednesday following a significant engagement with a global shipbuilding company.
At the closing bell, Aurora shares ended the day up 23.66% to 11.5 cents.
Aurora engages BAE Systems Maritime Australia
Investors appear upbeat about the company’s future prospects, sending Aurora shares to a 3-month high.
According to its release, Aurora has been selected by BAE Systems Maritime Australia for a trial print project. This involves printing trial marine components for commercial evaluation for the Hunter Class Frigate Program (HCFP).
BAE Systems Maritime Australia’s research and technology group is currently investigating a 3D process known as Additive Manufacturing (AM) for future large scale metal applications.
A specialist in 3D metal printing, Aurora has been identified as a possible supplier of Powder Bed Fusion technology for the HCFP. As such, the company is aiming to prove its technical and commercial know-how in producing 3D stainless steel printed parts.
Investigative test printing will be conducted by both parties to identify locally available AM processes and their benefits. While the component required is traditionally manufactured, Aurora is aiming to optimise the design using its Powder Bed Fusion technology.
BAE Systems Maritime Australia is tasked with delivering 9 frigates to the Royal Australian Navy within the next decade.
Aurora CEO Peter Snowsill was upbeat:
We are very pleased to be offered the chance to perform test printing for the Hunt Class Frigate Program. Technical validation of its kind is crucial to our communication strategy and allows us to develop and position our technology to satisfy customer specifications.
About the Aurora Labs share price
Over the last 12 months, Aurora shares have travelled around 16% higher. However, year-to-date, the company’s share price is up more than 57%.
Based on today’s price, Aurora has a market capitalisation of roughly $17.5 million, with approximately 152 million shares outstanding.